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The real difference is the master welcomes failure and learned from it whereas the beginner might find failure to be an actual failure instead of a mere stepping stone towards success. It is impossible to avoid failure but it is possible to make the best out of each failure.
As nouns the difference between lord and king is that lord is (label) the master of the servants of a household; (label) the master of a feudal manor while king is a male monarch; a man who heads a monarchy if it's an absolute monarchy, then he is the supreme ruler of his nation or king can be (chinese musical instrument).